Bikaner-III Neemrana-II Transmission Ltd is a special purpose vehicle (SPV) set up by PFC Consulting, for the project.
The company has acquired Bikaner-Neemrana Transmission Project to boost renewable energy evacuation in India, a company statement said.
The company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by Ministry of Power, it added.
The project, which will be developed on a Build-Own-Operate-Transfer (BOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan.
The project entails establishment of a 340-km transmission corridor from Bikaner-III pooling station to Neemrana II substation.Tata Power will maintain the transmission project for a period of 35 years. It is estimated to cost Rs 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV.